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Despite calls for economic sovereignty, West Africa's gold reserves still rely on European banks and gold hubs
By Solomon Ekanem
Business Insider Africa, New York
Friday, May 22, 2026
West Africa's foreign reserves, valued at about $67 billion and managed by the Central Bank of West African States, remain largely held through European banks and vaulting hubs, despite growing debates over economic sovereignty.
Yet its latest audited accounts show a highly concentrated structure: About 86% of external assets are held with European counterparties, 82% of foreign exchange reserves are euro-denominated, and 92% of physical gold reserves are stored in Europe.
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Certified in the 2025 audit by Deloitte Cote d'Ivoire, the figures point to a system still shaped by historic monetary arrangements linked to Franco-African cooperation and later anchored to the euro after 1999. ...
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